As part of the SOA’s Education Redesign, more than 150 volunteers have participated in the development of the web-based Fundamentals of Actuarial Practice (FAP) course. As the result of these valued contributions, the SOA is pleased to announce that FAP will be made available to candidates beginning in January 2006.
What is FAP? FAP is a self-paced, e-Learning course where candidates acquire and use knowledge that is distributed and facilitated by electronic means. This course teaches candidates about the business environment and exposes them to real-world situations before reaching the ASA level by using the control cycle as a framework. Simply stated, the control cycle is a practical problem-solving framework that an actuary uses to perform work.
FAP is a body of knowledge (concepts and problems) in an actuarial context – blending actuarial areas of practice and functional areas. FAP includes online and offline readings
and activities, practical examples, case studies, embedded activities, search functions, a glossary, resource library, a discussion forum, end-of-module tests, and end-of-module exercises. The online environment is intended to make the material more engaging and interactive for candidates.
FAP also includes two computer-based examinations. one for Modules 1-5 and the second for Modules 6-8.
Who is FAP for? Individuals who desire to be admitted as Associates of the Society of Actuaries represent the primary FAP target audience. However, the FAP course is appropriate for any individual engaged in the actuarial profession at some level.
What are the prerequisites? Candidates starting FAP may have passed one or more of the Preliminary Education examinations (P, FM, M, C), but this is not a requirement. We expect however, that many candidates will have passed the four Preliminary Education exams prior to b
eginning FAP Module 5. What are the FAP modules? FAP is comprised of eight modules: Module 1: Role of the Professional Actuary Module 2: External Forces Module 3: Risk in Actuarial Problems Module 4: Actuarial Solutions Module 5: Actuarial Models Module 6: Model Selection and Solution Design Module 7: Selection of Initial Assumptions Module 8: Monitoring Results and Completing the Control Cycle Candidates will complete the modules in sequence, as content in later modules builds upon the content of earlier modules. When will the modules be available? Module 1 will be made available to registered candidates on January 31, 2006. Implementation of the remaining modules and administration of the two examinations is planned as follows: Module 2 – late February 2006 Module 3 – March 2006 Module 4 – April 2006 Module 5 – June 2006 FAP Exam #1 – August 2006 Module 6 – September 2006 Module 7 – October 2006 Module 8 – November 2006 FAP Exam #2 – January 2007